THREE STAR MHP INVESTMENT OPPORTUNITY. Arrow Palms MHP. 543 N. Lamb Blvd. Las Vegas, NV 89156

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1 THREE STAR MHP INVESTMENT OPPORTUNITY Arrow Palms MHP 543 N. Lamb Blvd. Las Vegas, NV $2,881,000 3 Star Park, 7.8% Cap 86 MH Spaces on apx Acres Direct bill gas & elec. All city services Great central Las Vegas location No Rent Control with Upside (866) 459MHRV (6478) (866) 459MHRV (6478) (800) (800)

2 Subject Photos (866) 459MHRV (6478) (800)

3 Capitalization Rate 7.8 % Parcel Size 9.48 Acres MANUFACTURED HOUSING COMMUNITY Address/City 543 N. Lamb Blvd., Las Vegas Est. Vac. & Expense % See attached spread sheet Arrow Palms Mobile Home Park, 86 MH Spaces, Clubhouse and Pool County Clark Age Built 1971 Est. Spendable Return 11.5% No. Spaces 86 Listing Salesman: PBI (800) , (866) Price $2,881,000 Down Payment $720,250 (25%) State Nevada Loan Buyer to Obtain Total Return 15.7% City Sewer YES City Water YES Price per space: $33,500 DESCRIPTION AND TENANT INFORMATION: 86 site all ages community in a great location in the middle of Las Vegas. Approximately 50% of the tenancy is senior and owner is considering changing the community to 55+, senior status. Site rents are $360$370. Gas and electric are directly billed by the utility company and the city sewer, city water, and trash utilities are included in the rent. Currently the community contains approximately 75% single section homes. Owner has been renovating the community and upgrading the quality of the tenancy. Currently there are five vacant sites and ten vacant park owned mobile homes. Amenities include a 3,500 square foot clubhouse, with two offices, rec hall, kitchen, two public bathrooms and one private bathroom. The community also contains a pool and spa. Strong upside in filling the vacant spaces and selling the park owned homes and increasing the reasonable rents and passing thru the sewer, water and trash charges. 11.5% CASH FLOW, 15.7% TOTAL RETURN, GREAT LOCATION, BOOMING LAS VEGAS!! TOTAL ESTIMATED NET INCOME BEFORE DEBT SERVICE See attached spread sheet with 2001, and 2002 actual income and expense and Broker Proforma. LOAN INFORMATION Broker anticipates new financing at a 75% loan to value or $2,160,705 at an adjustable interest rate based on the six month Libor starting at 5.25% with monthly payments amortized over 30 years with a 15 year term, monthly payment $11, $225, 968 TOTAL ANNUAL PRIN. $143,180 & INTEREST PAYMENT EST. ANNUAL PRETAX $82,788 CASH FLOW (SPENDABLE) PLUS PRINCIPAL REDUCTION YEAR ONE $30,467 TOTAL RETURN $113,255 The information contained herein has either been given to us by the owner or the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN. (866) 459MHRV (6478) (800)

4 Income & Expense INCOME Proforma Actual Actual Space Rental 310, ,098 $ 353,514 Rental Income 3,690 1,815 $ Laundry/Late Fees/Misc. $ 5,000 GROSS INCOME $ 314,508 $ 300,913 $ 358,514 EXPENSES Legal & Accounting $ 9,385 $ 2,685 $ 1,500 Auto $ 24 $ $ Education $ 95 $ $ Bank Fee $ 14 $ 27 $ 27 Charity $ $ 150 $ Credit Reports $ 400 $ 295 $ 295 Fees $ 848 $ 403 $ 403 Gardening $ 242 $ 774 $ 774 General Supplies $ 1,239 $ $ Trash $ 12,509 $ 11,833 $ 11,833 Umbrella Insurance $ 421 $ 707 $ 707 Insurance $ 4,898 $ 4,188 $ 4,188 Licenses & Permits $ 1,900 $ 2,325 $ 2,325 Miscellaenous $ 1,306 $ 70 $ 70 Office Supplies $ 532 $ 226 $ 226 Payroll $ 19,006 $ 21,780 $ 21,780 Payroll Service $ 842 $ 815 $ 815 Payroll Taxes $ 2,075 $ 2,430 $ 2,430 Personal Prop Taxes $ 14,313 $ 272 $ 272 Property Taxes $ $ 23,736 $ 23,736 Travel $ 1,821 $ 1,161 $ 1,161 WC Insurance $ 1,303 $ 1,381 $ 1,381 Building R+M $ 11,222 $ 16,511 $ 17,200 Electrical R+M $ 2,029 $ 10,460 $ Plumbing R+M $ 1,752 $ 691 $ Pool R+M $ 750 $ 2,170 $ A/C R+M $ 75 $ $ Electric $ 6,506 $ 7,227 $ 7,227 Gas $ 1,078 $ 1,319 $ 1,319 Water $ 19,637 $ 19,585 $ 19,585 Phone $ 1,270 $ 1,311 $ 1,311 Sewer $ 12,051 $ 11,981 $ 11,981 TOTAL EXPENSE $ 129,543 $ 146,513 $ 132,546 (expense ratio) 41.19% 48.69% 36.97% NET OPERATING INCOME $ 184,965 $ 154,400 $ 225,968 Current annualized rent roll at 95% occupancy. Currrently 5 vacant spaces and 10 vacant park owned homes for sale. Space rents are $360$370 with direct bill gas and electric and the sewer, water and trash utilities are included in the rent. Repairs and Maintenance at industry standard of $200/space/year. Seller expensed capital improvements in 2001 and (866) 459MHRV (6478) (800)

5 Rent Roll February, 2003 Space Park Vacant Monthly On Time Senior TOTAL Number Owned Space Rent Discount Discount 1 $ 425 Yes $ Manager 3 $ 425 Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ Yes 17 $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes Yes $ Yes 28 $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ Yes 37 Yes 38 Yes 39 $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ 370 ï Manager in Space #2 ï10 Park owned homes ï 5 vacant spaces Space Park Vacant Monthly On Time Senior TOTAL Number Owned Space Rent Discount Discount 43 $ 425 Yes $ Yes 45 $ 425 Yes Yes $ $ 425 Yes Yes $ Yes 48 $ 425 Yes Yes $ $ 425 Yes Yes $ Yes 51 $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes Yes $ Yes 63 Yes 64 $ 425 Yes $ $ 425 Yes $ $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ Yes 70 $ 425 Yes $ Yes 72 Yes 73 $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes $ $ 425 Yes $ Yes 79 $ 425 Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ $ 425 Yes Yes $ Yes 86 $ 425 Yes Yes $ 360 Total Monthly Rent: $ 25,580 (866) 459MHRV (6478) (800)

6 Aerial Photo (866) 459MHRV (6478) (800)

7 Location Map Location Map 1 Location Map 2 (866) 459MHRV (6478) (800)